Canada Markit April PMI
- Prior was 46.1 (no consensus estimate)
- Worst in survey history (since 2010)
- Output 22.6
- New orders 23.9
- Employment 25.1
- "Manufacturers reported severe cash flow challenges during April, which resulted in rapid declines in purchasing activity, staffing numbers and inventories"
- Full report
Commenting on the PMI data, Tim Moore, Economics Director at IHS Markit said:
"Canadian manufacturers unsurprisingly recorded a survey-record drop in output during April as the COVID-19 pandemic led to either complete factory shutdowns or reduced production schedules, alongside rapidly shrinking customer demand. Only a small minority of survey respondents indicated a rise in output volumes, which was almost exclusively linked to consumer essentials and production to support healthcare supply chains."With manufacturers facing a drop in output of historic proportions, the latest data also highlighted by far the fastest reductions in both employment numbers and input buying since the survey began in late-2010. "Business sentiment worsened to a considerable degree in April, with the largest fall seen across the investment goods category. Manufacturers widely commented on concerns about the outlook for capital spending in the energy sector, as well as uncertainty about the length of customer closures and worries about a protracted downturn in global economic conditions."
